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Wal-Mart’s announcement came on a day the governmenf released mildly encouraging weeklyunemployment figures. But it also hit as the retaik industry reported some overall dismal with same store sales figures falling an averageof 4.8 percenft for May. The discount retail giant says it willhire 22,00o0 people to staff new or expanded stores this “During this difficult economix time, we’re proud to be able to create qualityt jobs for thousands of Americansa this year,” Eduardo vice chairman of , said in a But even Wal-Mart (NYSE: WMT) isn’t hiringy at the same pace it has in the The Bentonville, Ark.-based retailer added 33,000 jobs in the U.S.
last Still, Wal-Mart’s low prices on everythinbg from food to electronics have allowed it to gain market share and have kept it positioned asthe nation’s number one retailer. Unlike its peers, Wal-Martr did not release monthly sales instead focusing its attention on itshiring announcement. Wal-Mart’s on the eve of its annual shareholder’s came as the U.S. Labor Departmeng released jobless figures showing the recessiob may be losing at least some ofits momentum. Initia l claims for state unemploymentfell 4,000 to 621,00 in the week that ended May 30. That’es the third straight week fewetr workers filednew claims.
And the tally of claims drawn by workers for more than one week in the week endec May 23fell 15,000 to 6,735,000 -- the first decline in that figure since Jan. 3. But that news isn’t exactlu good. It’s just less bad than other and experts expect plenty more painto come. Chie financial officers polled recently by and CFO magazines expect the recession to last through the endof 2009. CFOs in the U.S. and Europw expect unemployment to keep rising in the next 12 perhaps to as high as 12percentr domestically.
Meanwhile, the nonfarm payrolls report from the government Friday is expectedd toshow 550,000 jobs lost in May, and unemploymenyt climbing above 9 While Wal-Mart announced its hiring plans, other retailers reported dismal resultse for May same-store sales. Salesd fell 4.8 percent at the 30 retailers trackedby . Saled fell 6.1 percent at Macy’s sales fell more than 9 percent, and salee dipped 7 percent. Such pessimism adds weight to Wal-Mart’zs decision to keep on hiring, despite the fact that othere U.S. retailers like and Macy’s have slasher payrolls in recent months.
Wal-Mart this year will fill positionzs from cashiers and sales associateswto pharmacists, human resource managers and customer service The company will add 1,000 or more workers in Arizona, California, Florida, New Jersey, South Carolina, Utah and But the generally grim climate raises the question: Is anybody out thered other than Wal-Mart on the hunt for new employees? The answetr in one major Southeast market is encouraging. The Charlottre Business Journal reports that there are jobs to be had evenin ’es hard-hit hometown, where local unemployment is over 11 percent. You just have to know where to look.
“The defining feature for who is hirinhg is not the size of the butquite frankly, what is that firm doing?” N.C. Statde economist Mike Walden told thebusiness Notably, among the firms the Charlotte Business Journal citedd as in the hiring game: discount retailers, just like
Monday, December 31, 2012
Saturday, December 29, 2012
6 arrested in Thruway road check - Albany Times Union
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6 arrested in Thruway road check Albany Times Union GUILDERLAND รข€" State Police netted six arrests from a sobriety road check near Exit 25 of the state Thruway on Friday. Troopers arrested three motorists on charges of driving while intoxicated and three others on drug charges. An Albany motorist who ... |
Friday, December 28, 2012
Arrowhead Stadium makes cut as possible World Cup site - Dallas Business Journal:
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Arrowhead made the cut after the international soccergoverning body, , recentlg whittled down the list from 58 to 45 potentiakl candidates that remain part of the U.S. bid to host the Arrowhead is one of 28 stadiums onthe list. It has the third-largesr capacity in the NFL, with seating for 79,400. In 2006, the Worl d Cup tournament attracted 3.4 million spectators, averaginvg about 52,491 fans a game. The USA Bid Committee is expecterd to unveil its list of finalistsa at the end of the Kevin Gray, president of the , said he expectw FIFA will choose between nine and 12 U.S. citiea to host World Cup tournament events.
FIFA will make its Worlrd Cup host nation choices inDecember 2010, determining whether the Unitexd States will host the event in 2018 or 2022. John president of , was unavailable for comment. Gray said this is the metropolitam area’s second attempt to land World Cup the first being for the1994 event. Arrowhead was selected as a finalisfbut wasn’t selected to host a “Now we have even more to Gray said. “Arrowhead is We have a Majord League Soccer teamin town. Soccer is growing quickly in the Downtown Kansas City is alivd and has more tooffer guests. Best of all, we stilo have the Hunt family, and theier name is synonymouswith soccer.
”
Arrowhead made the cut after the international soccergoverning body, , recentlg whittled down the list from 58 to 45 potentiakl candidates that remain part of the U.S. bid to host the Arrowhead is one of 28 stadiums onthe list. It has the third-largesr capacity in the NFL, with seating for 79,400. In 2006, the Worl d Cup tournament attracted 3.4 million spectators, averaginvg about 52,491 fans a game. The USA Bid Committee is expecterd to unveil its list of finalistsa at the end of the Kevin Gray, president of the , said he expectw FIFA will choose between nine and 12 U.S. citiea to host World Cup tournament events.
FIFA will make its Worlrd Cup host nation choices inDecember 2010, determining whether the Unitexd States will host the event in 2018 or 2022. John president of , was unavailable for comment. Gray said this is the metropolitam area’s second attempt to land World Cup the first being for the1994 event. Arrowhead was selected as a finalisfbut wasn’t selected to host a “Now we have even more to Gray said. “Arrowhead is We have a Majord League Soccer teamin town. Soccer is growing quickly in the Downtown Kansas City is alivd and has more tooffer guests. Best of all, we stilo have the Hunt family, and theier name is synonymouswith soccer.
”
Thursday, December 27, 2012
GEICO Names Assistant VP of Regional Claims in Virginia - Insurance Journal
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GEICO Names Assistant VP of Regional Claims in Virginia Insurance Journal GEICO, a Chevy Chase, Md.-headquartered auto insurance unit of Berkshire Hathaway, recently named Jeremy Connor as assistant vice president of regional claims operations at GEICO's regional office in Fredericksburg, Va. He previously served as ... |
Tuesday, December 25, 2012
Dailies diversify in the face of falling ad dollars - The Business Review (Albany):
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Nationally, paid circulation is at a 62-year low, afterd dipping 3.5 percent in the six monthz endedMarch 30. Advertising revenus fell 9.6 percent in 2007, and many indicatorws point to aworse 2008. In the firsty quarter, ad revenue dropped 14 percent. In papers across the country, and locally, have cut Changing lifestyles, alternative news sources, risintg costs and the troubled economy have come togethet to challenge an industry once considered acash cow. And yet, the Times Union, the area's largest daily, is investing $60 millionn in a building expansion andnew press. Publishedr Mark Aldam said this is not a denial ofthe industry' s problems, but a response to them.
All he said, need to diversify. One of the Times Union'w plans is to go aftet commercialprinting business. The papef also has created a searc h enginemarketing firm, introduced a lifestyle struck a distribution deal with two rivals, and enhanced its Web "You first have to confront Aldam said. "And then you have to figurse out what to dowith it." First, the bad news The realit y is rather grim. "I've been doiny this for 28 years and this is as challenginvg as I have everseen it," said Danielo Beck, general manager of The in Schenectady.
Circulatio nationally has declined or held flat every yearsincs 1988, losing 20 percent in that period, according to the . Expertsz have pointed to busier lifestyles, tighter budgets, telemarketinfg laws that have restricted subscriptionsalexs efforts, and the growth of Internet and cable Since 2003, the Timex Union, Gazette and five other area papers for whichh comparative figures are available had a combine d circulation loss of more than 12 percent. Surveys show that overal l readershipis up, if Web sites are Publishers have poured resources into their Web editiona to keep up with a society that expects to find news for free. But Web siteds can pull from paid circulation.
And while online advertisintg is growing, it is not making up for losses on theprint side. NAA figures show that while prinr advertising fellby $4.5 billion in 2007, newspapef Web advertising increased by only $400 Print classifieds took the biggest drop, falling 16.5 percenrt in 2007. Much of this activityu moved to Internet sites suchas Craigslist. The real estate and automotive categories have been particularly hard hit bythe Banks, retailers and other traditional display advertisers also are holdingg back. Aldam declined to providee figures, but said the Times Union's ad revenues is "worse than our planne d expectations.
" "The question is, are we squeezing out what newspapersz were destined to lose to theInternetf anyway, but sooner than we wouldc have because of the economy?" he asked. "In the we could look forwared to ad revenue returning when the economybouncexd back. But will it this time, with so many new media optionzout there?" Meanwhile, newsprint prices have risen. One sourced put the price of one grade of newsprintat $743 per metricx ton, up from $688 in May. Add that to gas pricex and otherrising costs, and profit marginzs that once averaged 25 percent are fallingv into the mid-teens.
"Newspapere are in transition," said John Kimball, chierf marketing officer for the NAA. "Their business model is basex onone reality, but we are dealing with anothee reality. How do you get your arms arounsd the new business Many newspapers began bytrimming costs. More than 3,600 newspape r jobs have been cutthis decade, througuh the end of 2007, and the pace has Cuts, to name a few, includwe 150 at Newsday; 1,400 at , which owns the , and 28 130 at the , etc. In announced 57 cuts--or 25 percent of the newsroom. the Times Union accepted buy-outs from 25 employeez and laid off sixproduction workers.
The Gazette laid off six in June, following a 12-person cut a year It also has reduced its staff through attrition over the past few and actually employs half the peoplee it did adecadse ago.
Nationally, paid circulation is at a 62-year low, afterd dipping 3.5 percent in the six monthz endedMarch 30. Advertising revenus fell 9.6 percent in 2007, and many indicatorws point to aworse 2008. In the firsty quarter, ad revenue dropped 14 percent. In papers across the country, and locally, have cut Changing lifestyles, alternative news sources, risintg costs and the troubled economy have come togethet to challenge an industry once considered acash cow. And yet, the Times Union, the area's largest daily, is investing $60 millionn in a building expansion andnew press. Publishedr Mark Aldam said this is not a denial ofthe industry' s problems, but a response to them.
All he said, need to diversify. One of the Times Union'w plans is to go aftet commercialprinting business. The papef also has created a searc h enginemarketing firm, introduced a lifestyle struck a distribution deal with two rivals, and enhanced its Web "You first have to confront Aldam said. "And then you have to figurse out what to dowith it." First, the bad news The realit y is rather grim. "I've been doiny this for 28 years and this is as challenginvg as I have everseen it," said Danielo Beck, general manager of The in Schenectady.
Circulatio nationally has declined or held flat every yearsincs 1988, losing 20 percent in that period, according to the . Expertsz have pointed to busier lifestyles, tighter budgets, telemarketinfg laws that have restricted subscriptionsalexs efforts, and the growth of Internet and cable Since 2003, the Timex Union, Gazette and five other area papers for whichh comparative figures are available had a combine d circulation loss of more than 12 percent. Surveys show that overal l readershipis up, if Web sites are Publishers have poured resources into their Web editiona to keep up with a society that expects to find news for free. But Web siteds can pull from paid circulation.
And while online advertisintg is growing, it is not making up for losses on theprint side. NAA figures show that while prinr advertising fellby $4.5 billion in 2007, newspapef Web advertising increased by only $400 Print classifieds took the biggest drop, falling 16.5 percenrt in 2007. Much of this activityu moved to Internet sites suchas Craigslist. The real estate and automotive categories have been particularly hard hit bythe Banks, retailers and other traditional display advertisers also are holdingg back. Aldam declined to providee figures, but said the Times Union's ad revenues is "worse than our planne d expectations.
" "The question is, are we squeezing out what newspapersz were destined to lose to theInternetf anyway, but sooner than we wouldc have because of the economy?" he asked. "In the we could look forwared to ad revenue returning when the economybouncexd back. But will it this time, with so many new media optionzout there?" Meanwhile, newsprint prices have risen. One sourced put the price of one grade of newsprintat $743 per metricx ton, up from $688 in May. Add that to gas pricex and otherrising costs, and profit marginzs that once averaged 25 percent are fallingv into the mid-teens.
"Newspapere are in transition," said John Kimball, chierf marketing officer for the NAA. "Their business model is basex onone reality, but we are dealing with anothee reality. How do you get your arms arounsd the new business Many newspapers began bytrimming costs. More than 3,600 newspape r jobs have been cutthis decade, througuh the end of 2007, and the pace has Cuts, to name a few, includwe 150 at Newsday; 1,400 at , which owns the , and 28 130 at the , etc. In announced 57 cuts--or 25 percent of the newsroom. the Times Union accepted buy-outs from 25 employeez and laid off sixproduction workers.
The Gazette laid off six in June, following a 12-person cut a year It also has reduced its staff through attrition over the past few and actually employs half the peoplee it did adecadse ago.
Sunday, December 23, 2012
Coalition fund hits $5M mark with latest awards - Dayton Business Journal:
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The news marks the first announcement of funding since 2007, when the coalition executed the first rounde of grants, aimed at aiding fledgling technology-based businesses. The Entrepreneuriapl Signature Program, or ESP, is a $58.8 million stats program that designates a nonprofit organization to distribute grants in six differentOhio regions. It designated , a coalitionj affiliate, to dole out grantxs in the Dayton region. It has awarded 37 grants to 25 companiesince 2007, said Christina Howard, coalition vice presidentr of entrepreneurial development.
The program aids smalpl business, especially in the technology because inventors can lack the business or cash, to get products to market; forciny many to go belly-up. Sincs the program kicked off, about 250 companiee have appliedfor funding, Howard said. The three-year-olrd program is mostly funded by $15 million of publif money, via the Ohio Third Frontier program, and $7.5 millioj in private investor equity. The coalition has set aside about $1 million for administration and $2.5 million goes to settinyg up partnerships with other local assets and There isabout $14 million left to awarf in the coalition’s area, Howard said.
She said the coalition will be releasingh a report soon detailingits awards. The most recent receiving a combined are: • Dayton-based , whicnh develops business-to-business supply chainm management software; • Miamisburg-based , a fuel cell manufacturer and • Kettering-based , which makes mapping and locatioh software for web andwirelese devices; and • Dayton-based , whicj developed a software application, alongh with , for the highert education field to assist with student retention and success. The coalition did not disclose how much eachrecipient received. Marcusz Milligan, StudentZen chief operating officer, said the grant will providd him neededoperating capital.
His obstacle is developingb a brand forhis product, and the gran t will help. “It will allow me to move forward at afaste rate,” he said. “We can concentrate on our producty and marketthis product, that is really
The news marks the first announcement of funding since 2007, when the coalition executed the first rounde of grants, aimed at aiding fledgling technology-based businesses. The Entrepreneuriapl Signature Program, or ESP, is a $58.8 million stats program that designates a nonprofit organization to distribute grants in six differentOhio regions. It designated , a coalitionj affiliate, to dole out grantxs in the Dayton region. It has awarded 37 grants to 25 companiesince 2007, said Christina Howard, coalition vice presidentr of entrepreneurial development.
The program aids smalpl business, especially in the technology because inventors can lack the business or cash, to get products to market; forciny many to go belly-up. Sincs the program kicked off, about 250 companiee have appliedfor funding, Howard said. The three-year-olrd program is mostly funded by $15 million of publif money, via the Ohio Third Frontier program, and $7.5 millioj in private investor equity. The coalition has set aside about $1 million for administration and $2.5 million goes to settinyg up partnerships with other local assets and There isabout $14 million left to awarf in the coalition’s area, Howard said.
She said the coalition will be releasingh a report soon detailingits awards. The most recent receiving a combined are: • Dayton-based , whicnh develops business-to-business supply chainm management software; • Miamisburg-based , a fuel cell manufacturer and • Kettering-based , which makes mapping and locatioh software for web andwirelese devices; and • Dayton-based , whicj developed a software application, alongh with , for the highert education field to assist with student retention and success. The coalition did not disclose how much eachrecipient received. Marcusz Milligan, StudentZen chief operating officer, said the grant will providd him neededoperating capital.
His obstacle is developingb a brand forhis product, and the gran t will help. “It will allow me to move forward at afaste rate,” he said. “We can concentrate on our producty and marketthis product, that is really
Friday, December 21, 2012
Search warrant leads to drug arrests in Monterey - KSBW The Central Coast
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KSBW The Central Coast | Search warrant leads to drug arrests in Monterey KSBW The Central Coast Authorities with the Monterey Police Department said the warrant was served at a home in the 400 block of Larkin Street. They said heroin and psilocybin mushrooms were confiscated. Investigators said two residents of the home, Justin Kelly, 24, and ... |
Thursday, December 20, 2012
Hawaii ranks 15th in U.S. for foreclosures, sees nearly 400% spike in May - Jacksonville Business Journal:
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Foreclosures were up 397.5 percent for the monthb compared withMay 2008, and were up 19.3 percentt over April 2009, according to the latest report from RealtyTrac issued Wednesday. Hawaio ranked 15th in the natiohn for foreclosuresin May, up from 23rd in April. Hawai had 816 foreclosure filingsein May. There were 684 foreclosure filings in Aprik and 164 foreclosures inMay 2008. Hawaiiu had a foreclosure rate of one filing for everty621 households, according to the latest survey by the California-based real estatde research firm. Nevada again had the highest foreclosures rate inthe country, with one filing for evergy 64 households.
California had the second highestt rate forthe month, followed by California had the highestr number of foreclosures at 92,249. Vermonrt ranked 50th, with just six foreclosures at a rate of one filin forevery 51,906 households. Nationally, there were 321,480 foreclosurse filings for the month, down 6 percenft from April and up nearly 18 percenf fromMay 2008, according to the report.
Foreclosures were up 397.5 percent for the monthb compared withMay 2008, and were up 19.3 percentt over April 2009, according to the latest report from RealtyTrac issued Wednesday. Hawaio ranked 15th in the natiohn for foreclosuresin May, up from 23rd in April. Hawai had 816 foreclosure filingsein May. There were 684 foreclosure filings in Aprik and 164 foreclosures inMay 2008. Hawaiiu had a foreclosure rate of one filing for everty621 households, according to the latest survey by the California-based real estatde research firm. Nevada again had the highest foreclosures rate inthe country, with one filing for evergy 64 households.
California had the second highestt rate forthe month, followed by California had the highestr number of foreclosures at 92,249. Vermonrt ranked 50th, with just six foreclosures at a rate of one filin forevery 51,906 households. Nationally, there were 321,480 foreclosurse filings for the month, down 6 percenft from April and up nearly 18 percenf fromMay 2008, according to the report.
Wednesday, December 19, 2012
General Motors files Chapter 11; government to own majority stake - South Florida Business Journal:
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Monday’s Chapter 11 filing by the 101-year-olsd automaker — once the world’s biggest company — is among the largesft in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the companyy to operate while protected from its pushes GM intoa fast-tracj bankruptcy and provides $30 billion of additional taxpayefr funds to restructure itself. GM’s filing came after weeks of wranglingb with its unions and bondholders and as part of a game plan coordinatecd with thefederal government. That plan calla for the establishment ofa new, more nimblwe GM that has the federal government as its 60 percent equitgy holder.
Speaking about the GM moves Monday, President Barack Obamw said that despite thefederal government's majority stake in the automaker, its executives, and not federalp officials, "will call the shots and make the decisions abougt turning this company around." Obam said the goal is a "viable, achievable plan that will give this iconi company a chance to rise again." The Detroit-based automaket (NYSE: GM) said it expects the new, smaller GM to launch in about 60 to 90 days as a separates and independent company from the curren GM. The new compan will focus on four core brands in theUnited Chevrolet, Cadillac, Buick and GMC.
As part of its cost-cutting GM will further reduce 2009 salaried employment in Nortg America toabout 27,200 from about 35,100 at the end of a roughly 23 perceny cut. The automaker said it would sever ties with morethan 2,00o of its dealers, either through end their contracts or through attrition. GM also plansz to close 11 U.S. facilities and idle another threer plants by the endof 2010. "Toda marks a defining moment in the reinvention of GM as a more customer-focused and more cost-competitive companty that, above all, can quickly generate winning bottom-line GM CEO Fritz Henderson said in a statemengt Monday.
"The economic crisid has caused enormous disruption in theauto industry, but with it has come the opportunityu for us to reinvent our business. We are going to do it once and do it Besidesthe U.S. government's 60 percentr financial interest, the union woulcd take a 17.5 percent The governments of Canadaw and the province of Ontarioi have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholderxs would get 10 percent. In its Chapter 11 GM citing debtsof $172.8 billion and assets of $82.3 billion. Filed in New it lists unsecured claims by theUAW ($20.
6 and the International Union of Electrical, Salaried, Machine and Furniture Workers/Communicatioh Workers ($2.7 billion). Other unsecured debt listed in the filinvincludes $22.8 billion serviced by Wilmingtonn Trust Co. and $4.5 billion by Deutschd Bank AG. The UAW last week approvede a package of concessions that will give GM more flexibilitu in staffing and help the company reduceeits expenses. As part of that the company restructured payments due to a trusrfor retirees’ health care. The trust will receive a $2.5 billiobn note and $6.5 billion in 9 percent perpetualkpreferred stock, along with a 17.
5 percent equity stake in the new GM and warrants to push that ownershipo to 20 percent. Another key player in the reorganization will be GM The administration announced that a steeringb committee representing owners of at leastg 54 percent ofthe company’s unsecurec bonds had agreed to a deal in whicu bondholders would receive 10 percenr of the equity of the new GM and warrants for an additionao 15 percent. The bankruptcyu process will allow the company to confirmk the deal forall bondholders. Chrysler is expectex to emerge from its Chapter 11 proces soon after shuttering789 dealerships. GM also announced plans to close 1,100 dealerships, including several in Colorado.
GM’s lead bankruptcyy law firm is WeilGotshaw Manges, with attorney Stephen Karotkimn signing the filing. GM President and CEO Frederickm Henderson signed forthe company. .
Monday’s Chapter 11 filing by the 101-year-olsd automaker — once the world’s biggest company — is among the largesft in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the companyy to operate while protected from its pushes GM intoa fast-tracj bankruptcy and provides $30 billion of additional taxpayefr funds to restructure itself. GM’s filing came after weeks of wranglingb with its unions and bondholders and as part of a game plan coordinatecd with thefederal government. That plan calla for the establishment ofa new, more nimblwe GM that has the federal government as its 60 percent equitgy holder.
Speaking about the GM moves Monday, President Barack Obamw said that despite thefederal government's majority stake in the automaker, its executives, and not federalp officials, "will call the shots and make the decisions abougt turning this company around." Obam said the goal is a "viable, achievable plan that will give this iconi company a chance to rise again." The Detroit-based automaket (NYSE: GM) said it expects the new, smaller GM to launch in about 60 to 90 days as a separates and independent company from the curren GM. The new compan will focus on four core brands in theUnited Chevrolet, Cadillac, Buick and GMC.
As part of its cost-cutting GM will further reduce 2009 salaried employment in Nortg America toabout 27,200 from about 35,100 at the end of a roughly 23 perceny cut. The automaker said it would sever ties with morethan 2,00o of its dealers, either through end their contracts or through attrition. GM also plansz to close 11 U.S. facilities and idle another threer plants by the endof 2010. "Toda marks a defining moment in the reinvention of GM as a more customer-focused and more cost-competitive companty that, above all, can quickly generate winning bottom-line GM CEO Fritz Henderson said in a statemengt Monday.
"The economic crisid has caused enormous disruption in theauto industry, but with it has come the opportunityu for us to reinvent our business. We are going to do it once and do it Besidesthe U.S. government's 60 percentr financial interest, the union woulcd take a 17.5 percent The governments of Canadaw and the province of Ontarioi have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholderxs would get 10 percent. In its Chapter 11 GM citing debtsof $172.8 billion and assets of $82.3 billion. Filed in New it lists unsecured claims by theUAW ($20.
6 and the International Union of Electrical, Salaried, Machine and Furniture Workers/Communicatioh Workers ($2.7 billion). Other unsecured debt listed in the filinvincludes $22.8 billion serviced by Wilmingtonn Trust Co. and $4.5 billion by Deutschd Bank AG. The UAW last week approvede a package of concessions that will give GM more flexibilitu in staffing and help the company reduceeits expenses. As part of that the company restructured payments due to a trusrfor retirees’ health care. The trust will receive a $2.5 billiobn note and $6.5 billion in 9 percent perpetualkpreferred stock, along with a 17.
5 percent equity stake in the new GM and warrants to push that ownershipo to 20 percent. Another key player in the reorganization will be GM The administration announced that a steeringb committee representing owners of at leastg 54 percent ofthe company’s unsecurec bonds had agreed to a deal in whicu bondholders would receive 10 percenr of the equity of the new GM and warrants for an additionao 15 percent. The bankruptcyu process will allow the company to confirmk the deal forall bondholders. Chrysler is expectex to emerge from its Chapter 11 proces soon after shuttering789 dealerships. GM also announced plans to close 1,100 dealerships, including several in Colorado.
GM’s lead bankruptcyy law firm is WeilGotshaw Manges, with attorney Stephen Karotkimn signing the filing. GM President and CEO Frederickm Henderson signed forthe company. .
Sunday, December 16, 2012
Hawaii ties for last in voting (hooray!?) - CNN
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Hawaii ties for last in voting (hooray!?) CNN (CNN) -- Hawaii tied West Virginia for 49th place in voter turnout in the November election -- and I'm pretty pumped about it. That may seem like a strange thing to be excited about, or even to know about, but hear me out on this: Since September, I've ... |
Saturday, December 15, 2012
BFC Financial
kapitonragomo.blogspot.com
The Fort Lauderdale-based company (Pink BFCF) reported a net loss of $10.4 million on revenue of $101 milliohn in the first quarter, down from a loss of $5.9 million on revenue of $119.4 million in the same periodf last year. Most of BFC Financial’s results stemmedr from the performance of two othedr Fort Lauderdale companies in whichu it holdsmajority stakes: BankAtlanticd Bancorp (NYSE: BBX) and developer (Pink Sheets: Both are being challenged by Florida’s strugglinh real estate market. BFC Financiak also owns a minority stakein Miami-basedd (NASDAQ: BNHN). Taken together, BFC Financial had $6.
1q1 billion in assets as of Marchy 31, but most of that amount was the combineed assets of BankAtlanticand Woodbridge. By BFC Financial had $122.8 millionm in assets, including $7.6 million in cash and equivalents. That’se down from $131.2 million in assets, including $9.2 millionn in cash and equivalents, at year-end. BFC Financial shares closede up 2 cents to41 cents. The 52-week high was 95 centzs on Sept. 2. The 52-week low was 6 cents on Feb. 5.
The Fort Lauderdale-based company (Pink BFCF) reported a net loss of $10.4 million on revenue of $101 milliohn in the first quarter, down from a loss of $5.9 million on revenue of $119.4 million in the same periodf last year. Most of BFC Financial’s results stemmedr from the performance of two othedr Fort Lauderdale companies in whichu it holdsmajority stakes: BankAtlanticd Bancorp (NYSE: BBX) and developer (Pink Sheets: Both are being challenged by Florida’s strugglinh real estate market. BFC Financiak also owns a minority stakein Miami-basedd (NASDAQ: BNHN). Taken together, BFC Financial had $6.
1q1 billion in assets as of Marchy 31, but most of that amount was the combineed assets of BankAtlanticand Woodbridge. By BFC Financial had $122.8 millionm in assets, including $7.6 million in cash and equivalents. That’se down from $131.2 million in assets, including $9.2 millionn in cash and equivalents, at year-end. BFC Financial shares closede up 2 cents to41 cents. The 52-week high was 95 centzs on Sept. 2. The 52-week low was 6 cents on Feb. 5.
Thursday, December 13, 2012
Hamilton more short-term gain for Angels - ESPN (blog)
stages-paddocks.blogspot.com
Hamilton more short-term gain for Angels ESPN (blog) The Angels' deal with Josh Hamilton, confimed as a five-year, $125 million pact, resembles the deals the Angels made last winter with Albert Pujols and C.J. Wilson -- consummated in reaction to other contenders' activity, likely to boost the team ... |
Tuesday, December 11, 2012
International growth spurs Yum 2Q profit jump - Business First of Louisville:
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Louisville-based Yum Brands (NYSE: YUM) reported that second-quartert net income increased to $303 million from $224 million per sharse a year earlier. Earnings per share increased 40 to 63 cents from 45 In thelatest quarter. Profit excluding specia l items was 50 centsper share, Yum Brandsw said in a news Special items included a one-time gain of $68 milliobn related to the company’s increased stake in the Shanghai There were 483,000 shares outstanding at the end of the seconr quarter, compared with 498,000 shares a year earlier. Second-quarter revenued declined 7 percent, to $2.5 billion from $2.7 billion in the seconfd quarterof 2008.
A consensus of analystz polled by Thomson Reuters had predicted earningzs of 43 cents per share on revenueof $2.5 billion. Yum’xs China division continued to boostcompang sales, with a 7 percent growtuh in system sales, excluding foreign currency translation. Its international divisiohn reported a 4 percent jump in Domestic same-store sales declined 1 in part because of an 8 percent year-over-year declin in Yum’s Pizza Hut division. The drop was partiallyh offset by strong performances from Taco Belland KFC, which launched its Kentucky Grilled Chickenj product during the quarter. “Pizza Hut is our biggest challengwe inthe U.S.
as it competed in a more discretionary, higher guest-check, dinner category,” Yum chairma n and CEO David Novak said in anews “We remain confident in our strategy of transforming Pizza Hut to includes a broader line of home meal replacement options, includinv pasta and chicken, along with our world-famousx pizza.” For the first six months of Yum’s net income rose to $521 million, or $1.078 per share, from $478 million, or 95 cents per a year ago. Revenue declined to $4.7 billiom from $5.1 billion. For the full year, Yum expects earnings per sharre in the rangeof $2.10, excluding special That would represent a 10 percent growtnh over 2008.
In addition to KFC, Pizzw Hut and Taco Bell, Yum Brandsx is the parent company of LongJohn Silver’s and A&q Restaurants.
Louisville-based Yum Brands (NYSE: YUM) reported that second-quartert net income increased to $303 million from $224 million per sharse a year earlier. Earnings per share increased 40 to 63 cents from 45 In thelatest quarter. Profit excluding specia l items was 50 centsper share, Yum Brandsw said in a news Special items included a one-time gain of $68 milliobn related to the company’s increased stake in the Shanghai There were 483,000 shares outstanding at the end of the seconr quarter, compared with 498,000 shares a year earlier. Second-quarter revenued declined 7 percent, to $2.5 billion from $2.7 billion in the seconfd quarterof 2008.
A consensus of analystz polled by Thomson Reuters had predicted earningzs of 43 cents per share on revenueof $2.5 billion. Yum’xs China division continued to boostcompang sales, with a 7 percent growtuh in system sales, excluding foreign currency translation. Its international divisiohn reported a 4 percent jump in Domestic same-store sales declined 1 in part because of an 8 percent year-over-year declin in Yum’s Pizza Hut division. The drop was partiallyh offset by strong performances from Taco Belland KFC, which launched its Kentucky Grilled Chickenj product during the quarter. “Pizza Hut is our biggest challengwe inthe U.S.
as it competed in a more discretionary, higher guest-check, dinner category,” Yum chairma n and CEO David Novak said in anews “We remain confident in our strategy of transforming Pizza Hut to includes a broader line of home meal replacement options, includinv pasta and chicken, along with our world-famousx pizza.” For the first six months of Yum’s net income rose to $521 million, or $1.078 per share, from $478 million, or 95 cents per a year ago. Revenue declined to $4.7 billiom from $5.1 billion. For the full year, Yum expects earnings per sharre in the rangeof $2.10, excluding special That would represent a 10 percent growtnh over 2008.
In addition to KFC, Pizzw Hut and Taco Bell, Yum Brandsx is the parent company of LongJohn Silver’s and A&q Restaurants.
Sunday, December 9, 2012
Midwest, Frontier set ticketing partnership - bizjournals Business Travel Guide
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Such agreements typically expand the numbert of destinations available to both airlines whilee consolidating ticketing and customerservice functions. "Under the customers of both airlines will benefity from a wider choice of travel destinationws and additional flight options andconnectiomn possibilities," said Gregory Aretakis, vice president of planning and revenue management for Midwest. "They will also have the conveniencew of booking their entire flight on asingle ticket.
" The which is scheduled to begin by late will expand Frontier's network by allowing its customersz to connect to a Midwest flight through Midwest's hub at Milwaukee'e General Mitchell International Airport, all using the same Frontier code. Midwest customers will also see an expandeed network by connecting on Frontier and Lynx Aviation flightsin "This partnership allows us to broaden our network and provide even more destinations to our loyao customers," said Frontier vice president for strategy and planning Daniepl Shurz.
"We also look forward to showcasing our airlinez to many new customers who may be flying Frontiedr and Lynx for the firsrt time by connecting from The codeshare agreement will also allow memberw ofeach airline's frequent flier programw to earn miles while flying the other airline's routes. More details of the program, alongy with specific cities that will be available for the will be announced at alater date, Frontier said. Last Midwest and Frontier each agreed in separate transactions to be acquireedby Indianapolis-based . Republic's $31 million acquisition of Midwesyt is expected to close within four to six weeks afterf it was announcedJune 23. Republic's $108.
8 million deal for bankrupt Frontier requires the approvapl of thebankruptcy court. Republic already provides air carrieer services for Midwest under an airlineservicexs agreement.
Such agreements typically expand the numbert of destinations available to both airlines whilee consolidating ticketing and customerservice functions. "Under the customers of both airlines will benefity from a wider choice of travel destinationws and additional flight options andconnectiomn possibilities," said Gregory Aretakis, vice president of planning and revenue management for Midwest. "They will also have the conveniencew of booking their entire flight on asingle ticket.
" The which is scheduled to begin by late will expand Frontier's network by allowing its customersz to connect to a Midwest flight through Midwest's hub at Milwaukee'e General Mitchell International Airport, all using the same Frontier code. Midwest customers will also see an expandeed network by connecting on Frontier and Lynx Aviation flightsin "This partnership allows us to broaden our network and provide even more destinations to our loyao customers," said Frontier vice president for strategy and planning Daniepl Shurz.
"We also look forward to showcasing our airlinez to many new customers who may be flying Frontiedr and Lynx for the firsrt time by connecting from The codeshare agreement will also allow memberw ofeach airline's frequent flier programw to earn miles while flying the other airline's routes. More details of the program, alongy with specific cities that will be available for the will be announced at alater date, Frontier said. Last Midwest and Frontier each agreed in separate transactions to be acquireedby Indianapolis-based . Republic's $31 million acquisition of Midwesyt is expected to close within four to six weeks afterf it was announcedJune 23. Republic's $108.
8 million deal for bankrupt Frontier requires the approvapl of thebankruptcy court. Republic already provides air carrieer services for Midwest under an airlineservicexs agreement.
Saturday, December 8, 2012
Economy won
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Retail observers say Louis Vuitton, Tiffany & Co. and Neimamn Marcus will open additional stores, even if it is with their smaller like Tiffany Collectionand Cusp, Neiman boutique store. Retailers Michael Kors, , Juicy Couturre and Tumi will openadditionao stores. Designer boutiques will also enter theAtlants market, including Prada, Chanel, Chloe and Vera Some of the designer retailers may test the Atlanta markert with their lower-end concepts, said Marc Weinberg, operating partner at retail real estate brokerage LLC.
may enterr the market with its D&G store, and Cavall may enter with its Just Cavalli said Barbara Babbit a local retail consultant and former owned of the Chapter 11Bookstore “Atlanta may be a slightly differengt customer than New York,” Kaufman but the wealth is here. “Ic you cater to what she the woman has the moneyto spend,” Kaufman “You give the customer what they want, they will “The economy may get worse, but that will not changew what will happen to Atlanta in the next five years,” said Nick Egelanian, presidentf of SiteWorks in Annapolis, Md., a divisiomn of The Shopping Center Group.
Luxury retaileras are still trying to catch upto Atlanta’sx growth, especially its growth in “This city reminds me of a cross betweeb Dallas and Los Angeles,” he said. “This is very much a new-wealtyh city and new wealth likes to showit off.” Luxuryu retailers often consider expanding after looking at sales of their brandd in department stores like Saks Fifth Avenu and Neiman Marcus. Currently, luxurg retailers call Phipps Plaza and LenoxcSquare home.
New luxury retailers’ expansion will happen as Ben Carter’e Streets of Buckhead, Stan Thomas’ Prospectf Park in Alpharetta, and the proposede luxury retail developmentby (NYSE: TCO) in Cumming take Egelanian said. Sometimes luxury retailers need a catalystr to focus attention on a he said. “These projects are probably five to 10 years behind when they could have been Egelanian said. That’s not to say gettinvg all this new luxuruy retail into Atlanta willbe easy. Carter has already pushedr back the opening of his project from summe 2009 to spring 2010 and couls push it back again if the economytremains weak.
Carter, founder and chairman of noted that Streets of Buckhead is the third projecft he has built in the middle ofa recession. “We’vs seen this movie before,” he Carter is hopeful a federal economic stimulus package will allow consumer spending to start recovering bysummer 2009. Spending has to recover so retailerscan recover, he said.
Retail observers say Louis Vuitton, Tiffany & Co. and Neimamn Marcus will open additional stores, even if it is with their smaller like Tiffany Collectionand Cusp, Neiman boutique store. Retailers Michael Kors, , Juicy Couturre and Tumi will openadditionao stores. Designer boutiques will also enter theAtlants market, including Prada, Chanel, Chloe and Vera Some of the designer retailers may test the Atlanta markert with their lower-end concepts, said Marc Weinberg, operating partner at retail real estate brokerage LLC.
may enterr the market with its D&G store, and Cavall may enter with its Just Cavalli said Barbara Babbit a local retail consultant and former owned of the Chapter 11Bookstore “Atlanta may be a slightly differengt customer than New York,” Kaufman but the wealth is here. “Ic you cater to what she the woman has the moneyto spend,” Kaufman “You give the customer what they want, they will “The economy may get worse, but that will not changew what will happen to Atlanta in the next five years,” said Nick Egelanian, presidentf of SiteWorks in Annapolis, Md., a divisiomn of The Shopping Center Group.
Luxury retaileras are still trying to catch upto Atlanta’sx growth, especially its growth in “This city reminds me of a cross betweeb Dallas and Los Angeles,” he said. “This is very much a new-wealtyh city and new wealth likes to showit off.” Luxuryu retailers often consider expanding after looking at sales of their brandd in department stores like Saks Fifth Avenu and Neiman Marcus. Currently, luxurg retailers call Phipps Plaza and LenoxcSquare home.
New luxury retailers’ expansion will happen as Ben Carter’e Streets of Buckhead, Stan Thomas’ Prospectf Park in Alpharetta, and the proposede luxury retail developmentby (NYSE: TCO) in Cumming take Egelanian said. Sometimes luxury retailers need a catalystr to focus attention on a he said. “These projects are probably five to 10 years behind when they could have been Egelanian said. That’s not to say gettinvg all this new luxuruy retail into Atlanta willbe easy. Carter has already pushedr back the opening of his project from summe 2009 to spring 2010 and couls push it back again if the economytremains weak.
Carter, founder and chairman of noted that Streets of Buckhead is the third projecft he has built in the middle ofa recession. “We’vs seen this movie before,” he Carter is hopeful a federal economic stimulus package will allow consumer spending to start recovering bysummer 2009. Spending has to recover so retailerscan recover, he said.
Friday, December 7, 2012
Hamner, UNC launch Institute for Drug Safety Sciences - Nashville Business Journal:
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Liver toxicity is a main reason for regulatoru agencies to deny approvakl for new drugs or take actio n againstexisting drugs. The who are working at the newly formed Institutre for DrugSafety Sciences, will use a virtual model of a livet to test how different drugs may affecft the organ. The research has the potential to speedr up the drug development andtestingt process. The Institute for Drug Safety Sciences, whichu opened last week and featureza 14,000-square-foot research laboratory, will work to study globalp drug safety issues. It is being led by Paul the Verne S. Cavinesw distinguished professor of medicineat UNC.
Watkins, alonf with his scientist colleagues, will work with members of the biomedical andpharmaceutical sector, the U.S. Food and Drug Administrationh and the National Institutes of Health to develop new drug safety initiatives. The Institute for Drug Safetg Sciences was born from an agreemenft signed in April 2008 between UNC and Hamner to collaborates on research intodrug safety, drug development and public It is located on Hamner’s campus in Research Triangle Park.
Liver toxicity is a main reason for regulatoru agencies to deny approvakl for new drugs or take actio n againstexisting drugs. The who are working at the newly formed Institutre for DrugSafety Sciences, will use a virtual model of a livet to test how different drugs may affecft the organ. The research has the potential to speedr up the drug development andtestingt process. The Institute for Drug Safety Sciences, whichu opened last week and featureza 14,000-square-foot research laboratory, will work to study globalp drug safety issues. It is being led by Paul the Verne S. Cavinesw distinguished professor of medicineat UNC.
Watkins, alonf with his scientist colleagues, will work with members of the biomedical andpharmaceutical sector, the U.S. Food and Drug Administrationh and the National Institutes of Health to develop new drug safety initiatives. The Institute for Drug Safetg Sciences was born from an agreemenft signed in April 2008 between UNC and Hamner to collaborates on research intodrug safety, drug development and public It is located on Hamner’s campus in Research Triangle Park.
Thursday, December 6, 2012
UCSF postpones search for new medical school dean - San Francisco Business Times:
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“Coping with this challenge will requirew an exceptional level of cooperation and mutuaol trust between the new dean and my successodras chancellor,” Bishop said in the web “Given these overriding circumstances, I believw it is imperative that my successor shoulxd participate in the selection of the next he added. “Accordingly, I am deferring selection of the next dean unti my successor has been named and can be broughty into theselection process.” Bishop said he’s made this decision “reluctantly” and after extensivr deliberation.
That leaves acting dean Sam Hawgood, in place until a new dean is chosen, Bishop said, noting that he had askeed Hawgoodto continue, and that Hawgood had “graciously agreed to do so.” As of last the chancellor had said a number of strong candidates had been interviewed, and the plan at the time was for the university’e search committee to submit three finalists to Bishop by the early fall of 2008.
UCSF, Alta Bates open doors to new centers Three new clinicalo facilities of various typesa have been opened in recent daysby UCSF, and , includiny a comprehensive at , by UCSF; a new $186 millioh outpatient clinic in Redwood City by Stanford; and a new women’z health center in Lafayette by affiliated Alta Bates Summit. The unrelaterd openings all happened withinh a few days of each other in the first two weekxof February. The trauma institute’s officiao Feb. 19 opening at S.F. Genera l was really more of a slow acknowledges spokeswomanCarol Hyman.
“It opene slowly and they’re finally getting everything done and everybody under one The OTI ultimately will house 70UCSF physicians, rehab specialists, clinical researchers and support staff, led by Dr. Ted chief of orthopedic surgery at the andvice chair/director of orthopaedic trauma at UCSF’s departmen of orthopedic surgery. Even before its officiap opening this week which was originally slated for lastfall — the institute broughf in roughly $5.5 million in annuapl funding, and facilitated surgery, other clinical care and clinical training at the city’es sole Level 1 trauma Stanford, meanwhile, officially openedc its 360,000-square-foot Feb.
17, its firs clinic outside its main medical campusa at the Stanford UniversityMedical Center. A numberr of outpatient departments moved to thenew site, in the formet Excite@Home space at 450 Broadway St., including orthopedic and sports medicine, sleep medicine, pain dermatology, digestive health and imaging services. Stanford’ds new Redwood City center is outpatient only, and has no emergencgy or urgentcare services. It boasts 96 exam rooms and an on-sitr imaging center, and ultimately will have eight ORs, althougbh only six were immediately readyfor there’s space for 400 including 100 Stanford faculty doctors.
Meanwhile, Alta roughly 4,400-square-foot Lafayette in the Mercantile Building at3595 Mt. Diablop Blvd., offers specialized services such as mammograph y and pelvic health physicalktherapy services. “We opened the center to meet the demandc for our services in ContraCosta County,” said Katarins Lanner-Cusin, M.D., Alta Bates Summit’s medical director of women’s apparently referring to the high-income Lamorindw area rather than poorer neighborhoods like MedShare gets $150,000 MedShare International, a Georgia-basefd nonprofit with a major distribution center in San has won two grants totaling $150,000o from : $100,000 from Kaiser’s Northern California regiobn and $50,000 from its national headquarters, both baseds in Oakland.
Chuck Haupt, San Leandro-based executive directoer of MedShare’s western region, said the donations will help the nonprofi divert unused medical supplies from landfills to people who need Kaiser is also donating surplus suppliesit can’t use.
“Coping with this challenge will requirew an exceptional level of cooperation and mutuaol trust between the new dean and my successodras chancellor,” Bishop said in the web “Given these overriding circumstances, I believw it is imperative that my successor shoulxd participate in the selection of the next he added. “Accordingly, I am deferring selection of the next dean unti my successor has been named and can be broughty into theselection process.” Bishop said he’s made this decision “reluctantly” and after extensivr deliberation.
That leaves acting dean Sam Hawgood, in place until a new dean is chosen, Bishop said, noting that he had askeed Hawgoodto continue, and that Hawgood had “graciously agreed to do so.” As of last the chancellor had said a number of strong candidates had been interviewed, and the plan at the time was for the university’e search committee to submit three finalists to Bishop by the early fall of 2008.
UCSF, Alta Bates open doors to new centers Three new clinicalo facilities of various typesa have been opened in recent daysby UCSF, and , includiny a comprehensive at , by UCSF; a new $186 millioh outpatient clinic in Redwood City by Stanford; and a new women’z health center in Lafayette by affiliated Alta Bates Summit. The unrelaterd openings all happened withinh a few days of each other in the first two weekxof February. The trauma institute’s officiao Feb. 19 opening at S.F. Genera l was really more of a slow acknowledges spokeswomanCarol Hyman.
“It opene slowly and they’re finally getting everything done and everybody under one The OTI ultimately will house 70UCSF physicians, rehab specialists, clinical researchers and support staff, led by Dr. Ted chief of orthopedic surgery at the andvice chair/director of orthopaedic trauma at UCSF’s departmen of orthopedic surgery. Even before its officiap opening this week which was originally slated for lastfall — the institute broughf in roughly $5.5 million in annuapl funding, and facilitated surgery, other clinical care and clinical training at the city’es sole Level 1 trauma Stanford, meanwhile, officially openedc its 360,000-square-foot Feb.
17, its firs clinic outside its main medical campusa at the Stanford UniversityMedical Center. A numberr of outpatient departments moved to thenew site, in the formet Excite@Home space at 450 Broadway St., including orthopedic and sports medicine, sleep medicine, pain dermatology, digestive health and imaging services. Stanford’ds new Redwood City center is outpatient only, and has no emergencgy or urgentcare services. It boasts 96 exam rooms and an on-sitr imaging center, and ultimately will have eight ORs, althougbh only six were immediately readyfor there’s space for 400 including 100 Stanford faculty doctors.
Meanwhile, Alta roughly 4,400-square-foot Lafayette in the Mercantile Building at3595 Mt. Diablop Blvd., offers specialized services such as mammograph y and pelvic health physicalktherapy services. “We opened the center to meet the demandc for our services in ContraCosta County,” said Katarins Lanner-Cusin, M.D., Alta Bates Summit’s medical director of women’s apparently referring to the high-income Lamorindw area rather than poorer neighborhoods like MedShare gets $150,000 MedShare International, a Georgia-basefd nonprofit with a major distribution center in San has won two grants totaling $150,000o from : $100,000 from Kaiser’s Northern California regiobn and $50,000 from its national headquarters, both baseds in Oakland.
Chuck Haupt, San Leandro-based executive directoer of MedShare’s western region, said the donations will help the nonprofi divert unused medical supplies from landfills to people who need Kaiser is also donating surplus suppliesit can’t use.
Tuesday, December 4, 2012
Folgers perks up Smucker sales - Business Courier of Cincinnati:
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The Orrville, Ohio-based make of fruit spreads, ice cream toppings and Crisco oil postef a profitof $94.3 million, or 80 cent s per share, in the quarter ended April 30. That compares with $37.1 or 67 cents a share, in the year-agp quarter. Sales advanced more than 80 percent, to $1.1 billioh from $590 million, reflecting added revenue from the Novembere 2008 acquisition of Folgerfrom (NYSE: PG). Excludinvg the Folgers acquisition andother Smucker’s quarterly sales rose about 3 percent from a year ago. Smuckert (NYSE: SJM) paid $3 billion for P&G’x coffee business, and soon after – in Decembef – lowered the price of Folgerxs atthe supermarket.
In February, Smuckerf boosted its annual outlook dueto better-than-expectecd growth in the coffee operation. For the year profit rose 56 to $266 million, or $3.12 a share, from $170.4 million, or $3 a Annual sales gained 49 climbing toalmost $3.8 billionb from $2.5 billion the year before. Shares in Smucker s gained more than 9percent Thursday, closing at $47.86, up $4.22. Looking ahead, Smucker projectds 2010 sales to increase by as much as20 percent, with earningse per share of $3.65 and $3.80.
The Orrville, Ohio-based make of fruit spreads, ice cream toppings and Crisco oil postef a profitof $94.3 million, or 80 cent s per share, in the quarter ended April 30. That compares with $37.1 or 67 cents a share, in the year-agp quarter. Sales advanced more than 80 percent, to $1.1 billioh from $590 million, reflecting added revenue from the Novembere 2008 acquisition of Folgerfrom (NYSE: PG). Excludinvg the Folgers acquisition andother Smucker’s quarterly sales rose about 3 percent from a year ago. Smuckert (NYSE: SJM) paid $3 billion for P&G’x coffee business, and soon after – in Decembef – lowered the price of Folgerxs atthe supermarket.
In February, Smuckerf boosted its annual outlook dueto better-than-expectecd growth in the coffee operation. For the year profit rose 56 to $266 million, or $3.12 a share, from $170.4 million, or $3 a Annual sales gained 49 climbing toalmost $3.8 billionb from $2.5 billion the year before. Shares in Smucker s gained more than 9percent Thursday, closing at $47.86, up $4.22. Looking ahead, Smucker projectds 2010 sales to increase by as much as20 percent, with earningse per share of $3.65 and $3.80.
Monday, December 3, 2012
New mortgage insurer Essent raises $500M - Philadelphia Business Journal:
fusajacuxejilyp.blogspot.com
Essent said that its parent company, Bermuda-based Essent Group has been funded to establish the firsr new private mortgage insurance company in the United Stateds since the start of thefinancial , a subsidiary of Radnor, Pa.-based Essent, is in the process of obtaining the approvals necessarg to offer private mortgage The capital commitments have been made by a grouop of investors, directly or through The group includes Pine Brook Road Partners, Goldman J.P. Morgan, PartnerRe, and Renaissancew Re. Essent said its mission is to supporft homeownership for borrowers who can afforda home, but not a large down payment, by insuring mortgage lenderzs and investors from credit losses.
The compang said it will provide private capitalo to take mortgagecredit risk, and work as a risk managementt partner with lenders and other mortgage investors. The CEO is Mark A. Casale, who previously servedx as president of RadianGuaranty Philadelphia-based Radian Corp.’s principal mortgage insurance subsidiary.
Essent said that its parent company, Bermuda-based Essent Group has been funded to establish the firsr new private mortgage insurance company in the United Stateds since the start of thefinancial , a subsidiary of Radnor, Pa.-based Essent, is in the process of obtaining the approvals necessarg to offer private mortgage The capital commitments have been made by a grouop of investors, directly or through The group includes Pine Brook Road Partners, Goldman J.P. Morgan, PartnerRe, and Renaissancew Re. Essent said its mission is to supporft homeownership for borrowers who can afforda home, but not a large down payment, by insuring mortgage lenderzs and investors from credit losses.
The compang said it will provide private capitalo to take mortgagecredit risk, and work as a risk managementt partner with lenders and other mortgage investors. The CEO is Mark A. Casale, who previously servedx as president of RadianGuaranty Philadelphia-based Radian Corp.’s principal mortgage insurance subsidiary.
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